Export revenue of the garment and textile sector surged 21.2 per cent year on year in the first five months of 2021 to about $15.2 billion, according to the Viet Nam Textile and Apparel Association (VITAS).

The association reported that fibre and yarn exports during January-May soared by 60.1 per cent year-on-year to $2.1 billion, while that of fabrics also increased 26.4 per cent to $947 million.

In the period, Viet Nam spent more than $10.2 billion on importing materials for the garment and textile industry, representing a 33.4 per cent increase over the same period in 2020.

The Ministry of Industry and Trade attributed the growth to positive signals from the country’s major export markets as well as domestic businesses’ effective utilisation of opportunities from free trade agreements (FTAs) which have been signed and put into effect.

The US remained the largest importer of Viet Nam’s garment and textile products with a value of $6.02 billion, up 24.4 per cent from the same period in 2020 and accounting for 49.2 per cent of the sector’s total revenue.

Japan was the second largest customer with $1.31 billion (down 6.3 per cent), followed by the European Union with $1.21 billion (up 14.7 per cent) and the Republic of Korea at $1.07 billion (up 4.2 per cent). — VNS